Mastercard taps PayMate to digitise B2B payments across EEMEA

By Gloria Methri

Mastercard has entered a multi-year partnership with PayMate, a business-to-business (B2B) payments company, to enable fast, secure and convenient digital B2B payments for organisations across markets in Eastern Europe, the Middle East and Africa (EMEA).

The B2B payments market is projected to exceed $3 trillion in revenue by 2027, demonstrating significant growth potential. The partnership between the organisations will address challenges that businesses across the EEMEA markets face, such as limited visibility, manual invoice processes, and restricted payment options that create tight liquidity and operational inefficiencies.

“At Mastercard, we are committed to empowering businesses of all sizes to reap the full benefits of the digital economy. We are confident that our new long-term partnership with PayMate will mark a significant step in simplifying payables and receivables processes for businesses of all sizes, said Amnah Ajmal, Executive Vice President of Market Development, EEMEA, Mastercard.

Ajay Adiseshann, Founder, MD, and CEO of PayMate, said, “We are delighted to partner with Mastercard across the EEMEA region for B2B payables and receivables to meet the growing demand for automation and digitisation in the procurement-to-payment cycle. By leveraging Mastercard’s strong network and PayMate’s comprehensive payments platform, we will enable buyers to pay earlier and sellers to receive payments faster across small, medium and large businesses, thereby accelerating the B2B payment ecosystem.”

Through the PayMate platform, businesses can use their Mastercard commercial cards to carry out a variety of transactions, including utility payments, collections and payments to suppliers – including those that do not accept cards – while benefiting from up to 55 days of interest-free credit. This results in reduced Days Sales Outstanding (DSO), improved cash flows, and optimised credit limit utilisation, leading to greater financial efficiency.

PayMate offers a business payments platform that provides businesses with solutions for Accounts Payable, Accounts Receivable, Invoice Discounting, Cross-Border Payments, Tax, Bill Payments, Rental Collections, and Embedded Finance. In FY24, PayMate processed $10.5 billion in transactions, serving over 500,000 customers worldwide.